PPG Industries, Inc. (NYSE:PPG) Shares Sold by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. lowered its stake in PPG Industries, Inc. (NYSE:PPGFree Report) by 23.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 42,638 shares of the specialty chemicals company’s stock after selling 12,809 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in PPG Industries were worth $5,739,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of PPG. Valued Wealth Advisors LLC acquired a new stake in PPG Industries in the fourth quarter worth about $26,000. SJS Investment Consulting Inc. lifted its holdings in PPG Industries by 588.5% in the 4th quarter. SJS Investment Consulting Inc. now owns 179 shares of the specialty chemicals company’s stock valued at $27,000 after acquiring an additional 153 shares during the last quarter. Private Wealth Management Group LLC acquired a new stake in PPG Industries in the 4th quarter valued at about $27,000. CVA Family Office LLC acquired a new stake in PPG Industries in the 4th quarter valued at about $28,000. Finally, DiNuzzo Private Wealth Inc. acquired a new stake in PPG Industries in the 4th quarter valued at about $29,000. Institutional investors and hedge funds own 81.86% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Royal Bank of Canada cut their price target on shares of PPG Industries from $156.00 to $141.00 and set a “sector perform” rating for the company in a report on Monday, April 22nd. Barclays cut their price target on shares of PPG Industries from $149.00 to $148.00 and set an “equal weight” rating for the company in a report on Monday, April 22nd. BMO Capital Markets cut their price target on shares of PPG Industries from $168.00 to $165.00 and set an “outperform” rating for the company in a report on Tuesday, April 23rd. Deutsche Bank Aktiengesellschaft cut their price target on shares of PPG Industries from $160.00 to $155.00 and set a “buy” rating for the company in a report on Monday, April 22nd. Finally, Bank of America cut their price objective on PPG Industries from $167.00 to $164.00 and set a “buy” rating on the stock in a report on Monday, April 22nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $154.80.

Check Out Our Latest Analysis on PPG

PPG Industries Price Performance

Shares of PPG opened at $126.67 on Thursday. The business’s 50-day moving average is $129.97 and its 200-day moving average is $137.11. PPG Industries, Inc. has a fifty-two week low of $120.32 and a fifty-two week high of $152.89. The company has a market capitalization of $29.70 billion, a price-to-earnings ratio of 21.40, a P/E/G ratio of 1.58 and a beta of 1.26. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.55 and a quick ratio of 1.08.

PPG Industries (NYSE:PPGGet Free Report) last released its quarterly earnings data on Friday, April 19th. The specialty chemicals company reported $1.86 EPS for the quarter, hitting analysts’ consensus estimates of $1.86. PPG Industries had a return on equity of 22.98% and a net margin of 7.74%. The firm had revenue of $4.31 billion for the quarter, compared to the consensus estimate of $4.43 billion. During the same quarter in the prior year, the company posted $1.82 earnings per share. The firm’s revenue was down 1.6% on a year-over-year basis. Equities research analysts expect that PPG Industries, Inc. will post 8.44 EPS for the current fiscal year.

PPG Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 10th were given a dividend of $0.65 per share. The ex-dividend date was Thursday, May 9th. This represents a $2.60 dividend on an annualized basis and a yield of 2.05%. PPG Industries’s payout ratio is currently 43.92%.

PPG Industries declared that its Board of Directors has approved a stock repurchase plan on Thursday, April 18th that authorizes the company to buyback $2.50 billion in outstanding shares. This buyback authorization authorizes the specialty chemicals company to reacquire up to 8.1% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at PPG Industries

In related news, CEO Timothy M. Knavish purchased 2,061 shares of the stock in a transaction on Wednesday, May 8th. The shares were bought at an average price of $133.24 per share, for a total transaction of $274,607.64. Following the completion of the acquisition, the chief executive officer now directly owns 35,833 shares in the company, valued at approximately $4,774,388.92. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.56% of the company’s stock.

PPG Industries Profile

(Free Report)

PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States, Canada, the Asia Pacific, Latin America, Europe, the Middle East, and Africa. It operates through two segments, Performance Coatings and Industrial Coatings. The Performance Coatings segment offers coatings, solvents, adhesives, sealants, sundries, and software for automotive and commercial transport/fleet repair and refurbishing, light industrial coatings, and specialty coatings for signs; wood stains; paints, thermoplastics, pavement marking products, and other advanced technologies for pavement marking for government, commercial infrastructure, painting, and maintenance contractors; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.

Featured Articles

Institutional Ownership by Quarter for PPG Industries (NYSE:PPG)

Receive News & Ratings for PPG Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PPG Industries and related companies with MarketBeat.com's FREE daily email newsletter.